Bitcoin News Today – Headlines for August 21

  • Bitcoin is currently recovering a sharp correction
  • Bitcoin is showing some positive signs
  • BTC needs to break over the 100 hourly SMA and $12k to start a fresh rally

Bitcoin News Today – The price of Bitcoin (BTC) has been holding the $11,650 and $11,550 support marks against the US dollar. Bitcoin is currently recovering after a short correction. However, it needs to break over the 100 hourly simple moving average to start a fresh rally.

Bitcoin Is Gradually Recovering

The price of Bitcoin recently corrected lower. On its way down, Bitcoin found strong support over the $11,550 mark against the USD. The digital currency remained well bid over the $11,550 mark, but it settled below the 100 hourly simple moving average. Bitcoin formed a swing low close to $11,581 and it is currently recovering.

On its way up, Bitcoin broke over the $11,800 hurdle point. There was also a break over the 23.6 percent Fibonacci retracement level of the previous swing from the high of $12,491 to the low of $11,580. Besides, there was a break over a crucial bearish trendline with a hurdle close to $11,810 on the one-hour chart of the BTC/USD trading pair.

The benchmark digital currency is currently shoeing some positive signs over the $11,800 mark. However, it is encountering a stiff hurdle close to $11,950 and the 100 hourly simple moving average. The 50 percent Fibonacci retracement of the previous swing from the high of $12,491 to the low of $11,580 is close to $12,035.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

Bitcoin Bulls Need to Break over the 100 Hourly SMA to Start a Fresh Rally

Bitcoin bulls need to clear the 100 hourly simple moving average and gain traction over the $12k mark to start a fresh rally in the near term. If that happens, the price of the digital currency could easily head towards the $12,150 and $12,250 marks. On the upside, the key hurdle for the digital currency is still close to the $12,500 level, and a break over that level is needed for more upside moves.

However, if the digital currency fails to clear the 100 hourly simple moving average or the $12k hurdle point, chances are it could start a fresh downtrend. If that happens, the immediate for the digital currency is close to the $11,650 mark. Nevertheless, the major support for the digital currency on the downside is close to the $11,550 mark.

If the bulls are still not able to prevent further losses and Bitcoin closes below $11,550 and $11,500, chances are the bears might push prices towards the $11,200 and $11,000 support marks. Bitcoin is currently in the green, and it is showing signs of more positive movements.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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